Word: switzerland
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Dates: during 1980-1989
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...part of last week's suit, the SEC was granted a temporary restraining order to freeze the assets of three of the men. Not all the profits in the case have been found, and the Government suspects that some of the money has been moved to Switzerland. While Winans was apologizing for his actions last week, Clark vigorously denied the charges. Said he: "I had no idea that any money changed hands between Mr. Brant and Mr. Winans." Clark said that $1.2 million was taken from his account at Kidder Peabody and deposited in Brant's account...
...opening a Swiss bank account-safety and prestige among them-one of the most important is secrecy. Any bank employee who reveals, even inadvertently, information about a client's account can be fined up to $22,000 or sent to jail for as long as six months. Switzerland's reputation for discretion is one reason it has attracted an estimated $300 billion from depositors all over the world, including Mafia dons and military dictators. This past weekend, however, residents voted on a referendum that would have taken some of the veils off their bank-secrecy laws. Despite...
...proposal would have given foreign governments more leeway in chasing those who hide their proceeds in secret accounts. Whenever tax and currency violations are suspected, authorities from other countries could obtain information about an account. Switzerland has long contended it is not obliged to help governments investigate cases involving currency transactions or tax evasion, since these are not crimes in Switzerland...
...ahead of the June 2 deadline, Hungary had already officially accepted an invitation to the Olympics and presumably will have to reverse itself. Polish newspapers were printing detailed analyses of the prospects of Polish athletes in Los Angeles that had to be hastily discarded. An East German official in Switzerland explained his country's participation in the boycott in the bluntest terms. Said he: "We are politically too dependent on the Soviet Union to envision any other decision...
...Move them to Switzerland," chortles another...